As the next generation of gaming consoles is set to hit the market in the next one or two years, Microsoft may be releasing the next Xbox for the 2012 Holiday season.

In a move aiming to counter the momentum of the Wii U, debuting in 2012, Microsoft shared in their weekly news that the next Xbox is being revealed at CES 2012 in January. It may also be hitting the markets at next year’s Black Friday and the buildup of the Christmas Holiday shopping spree.

According to IT Pro Portal, the latest Xbox will operate on Windows 9 and the system will boast multiple graphic cores, networking, encryption, and be the most upgraded package the Microsoft team can offer. ARM is expected to be used for the processor, although the design will be custom built for the latest Xbox release. Nvidia is likely to be the graphics card used, as it is also licensed to ARM.

Different names are suggested for the newest Xbox console, though none have been officially confirmed so far. They include Xbox Ten, Loop, 760, or simply the Xbox Next. The exact name is expected to be revealed around the time of CES in January, so gamers should know the details right after this season’s holidays are over. Consumers are hoping to get their hands on the latest Xbox by the end of next year, however, the official release date is also due to be announced.

Fans of Sony will have to wait a bit longer, as Playstation 4 is not expected to be on the markets until 2013 at the earliest. Another factor to be considered is the price for the new consoles, how the economy is doing in one or two years’ time, and if people are ready to spend big amounts of cash on games sometime soon again.